FCMB Group sustains growth as profit hits N6b

FCMB Group Plc had sustained its profitable growth trajectory by recording an impressive 42 per cent increase in profit before tax at the end of March 2022, a significant jump to N6 billion from the N4.2 billion recorded in the same period in 2021.

Also, profit after tax was up by 45 per cent year-on-year to N5.2 billion from N3.6 billion in 2021. Solid growth across all businesses supported this performance, the bank disclosed in a statement yesterday.

The three-month results also showed a significant leap in gross revenue by 34 per cent to N58.3 billion, from N43.5 billion for the same period last year. Net interest income also followed the growth path as this grew by 33 per cent year-on-year to N28.1 billion from N21.2 billion for the first quarter of 2021.

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In addition, non-interest income rose to N9.0 billion at the end of March 2022 from N8.2 billion for the same period in 2021. Gross fees and commissions’ income increased 34 per cent year-on-year, driven by an increase in service fees and commissions, while trading income also jumped by 63 per cent year-on-year resulting from higher volumes of fixed income instrument trades from the same period last year.

FCMB Group also intensified its strong support to the development of businesses and the Nigerian economy by providing loans and advances valued at N1.1 trillion, up by 24 per cent year-on-year and three per cent quarter-on-quarter between January and March this year.

In addition, customer deposits stood at N1.6 trillion, increasing 19 per cent year-on-year and one per cent quarter-on-quarter, while total assets surged by 16 per cent to N2.5 trillion.

The group’s investment management businesses collectively grew Assets under Management by 43 per cent year-on-year to N713 billion in March 2022.

Analysts are of the opinion that the sustained positive performance of the bank, despite the challenging operating environment, places it on a solid pedestal to consolidate its position in the industry and add more value to stakeholders.

FCMB Group Plc is a diversified financial services group with subsidiaries that are market leaders in their respective segments. The institution is divided along three business groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); and Investment Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited)